Mortgage companies are falling behind on mortgage and re-financing applications. Historic drops in interest rates have prompted homeowners across the nation to apply for re-financing. Low demand in the fall, however, caused many companies to lay off workers, so downsized offices are now struggling to keep up with an overflow of applications.
Fast closings, e.g. in thirty days or less, are currently not realistic. Buyers who go with a more traditional 45 day closing period should, however, be fine. Underwriters are scrutinizing loans more closely, too, which can further delay the process.
Still, it is important to remember that buyers with good credit and a down payment are getting loans every day.
